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Bond Hill: Rising Home Values and Stable Ownership in a Growing Cincinnati Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Bond Hill, a diverse neighborhood in Cincinnati, Ohio, has experienced significant changes in its housing market over the past decade. This analysis focuses on the trends in homeownership rates, average home values, and rental prices from 2013 to 2024, as well as projections for the future. Homeownership rates in Bond Hill have remained relatively stable, fluctuating between 45% and 50% from 2013 to 2022. In 2013, 46% of residents owned their homes, which increased to 50% by 2017, before slightly decreasing to 48% in 2022. During this period, average home prices in the neighborhood showed a remarkable upward trend. The average home price rose from $58,213 in 2013 to $152,866 in 2022, representing a substantial 162% increase over nine years.
Federal interest rates have influenced homeownership trends in Bond Hill. From 2013 to 2016, when interest rates were historically low (ranging from 0.09% to 0.40%), homeownership rates in the neighborhood increased from 46% to 48%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate remained relatively stable, indicating that other factors were also influencing local housing decisions.
Renter percentages in Bond Hill have mirrored the homeownership trends, ranging from 50% to 54% between 2013 and 2022. Average rent prices have shown a steady increase during this period. In 2013, the average rent was $633, which rose to $802 by 2022, marking a 27% increase. This rise in rent prices occurred alongside population growth, with the neighborhood's population increasing from 10,276 in 2013 to 10,807 in 2022, potentially contributing to increased demand for rental properties.
In 2023, the average home price in Bond Hill reached $160,506, continuing the upward trend. As of 2024, the average home price has further increased to $175,300, representing a 9.2% year-over-year growth. This price appreciation is occurring in a context of higher interest rates, with the federal interest rate at 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that average home prices in Bond Hill may continue to rise over the next five years, potentially reaching around $225,000 by 2029 if current trends persist. Average rent prices are also expected to increase, potentially surpassing $1,000 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In conclusion, Bond Hill has experienced significant growth in both average home prices and rent over the past decade, with homeownership rates remaining relatively stable. The neighborhood's housing market has demonstrated resilience and appeal, as evidenced by the consistent price appreciation and population growth. The interplay between federal interest rates, local economic conditions, and housing affordability will likely continue to shape Bond Hill's real estate landscape in the coming years.
